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Jul 31, 2023
Verint Q2 2024 Earnings Report
Verint's Q2 2024 earnings were announced, featuring a 17% year-over-year increase in SaaS ARR and the maintenance of diluted EPS outlook, while adjusting revenue outlook to the macroeconomic environment.
Key Takeaways
Verint reported Q2 FYE 2024 revenue of $210 million, a (6)% year-over-year change. Net loss per share was $(0.17) on a GAAP basis, and diluted EPS was $0.48 on a non-GAAP basis. The company is adjusting its annual revenue outlook due to the macroeconomic environment but maintaining its annual outlook for mid-single digit diluted EPS growth.
SaaS ARR increased 17% year-over-year.
SaaS Revenue increased approximately 10% year-over-year.
Recurring revenue accounted for 86% of software revenue, up approximately 200 bps year-over-year.
Gross Margin increased more than 70 bps year-over-year.
Verint
Verint
Verint Revenue by Segment
Revenue by Segment
Recurring Revenue
CapyFin.com Forward Guidance
Verint provided its non-GAAP annual outlook for the year ending January 31, 2024.
Positive Outlook
- Revenue: $910 million +/- 2%
- SaaS Revenue: 18% - 20% year-over-year growth
- Adjusted EBITDA: $250 million, at the midpoint of revenue guidance, reflecting 5% year-over-year growth
- Diluted EPS: $2.65 at the midpoint of revenue guidance, reflecting 5% year-over-year growth
- Expect elongated sales cycles to persist for the remainder of the year due to the macroeconomic environment
Challenges Ahead
- Amortization of intangible assets of approximately $8 million for the three months ending October 31, 2023
- Amortization of intangible assets of approximately $33 million for the year ending January 31, 2024
- Revenue adjustments are expected to be between approximately $0 million and $1 million for the three months ending October 31, 2023
- Revenue adjustments are expected to be between approximately $1 million and $2 million for the year ending January 31, 2024
- Stock-based compensation expenses are expected to be between approximately $17 million and $21 million for the three months ending October 31, 2023